Ernie Garcia turned his family's used-car lot, Ugly Duckling, into Carvana by building a vending machine for cars. The original business did $2.5 billion in annual sales. Adding automation and simplicity to an unsexy business made it worth billions.
Chapters
This guy made billions with vending machines. I actually went to high school with him, and he founded Carvana with his father. Think about vending machines. But for used cars, taking an unsexy business, making it sexy, pretty brilliant. His father actually built ugly duckling car sales, traditional used car business, then rebranded it, and now it does 2.5 billion in annual sales. But Carvana is worth billions and billions more because Ernie saw the world changing. He saw how horrific the process of buying a car was and said, what if I changed one thing? What if I made it easier, Easier to buy a car? The model is fascinating. It's how do you take unsexy businesses, add a sexy component to it, and change just about everything that's happened?